The assignment is to create an Entity-Relationship Diagram (ERD) for Wild Wood Apartments, a business that involves reviewing requirements and business rules, defining entities and attributes, and identifying relationships between them. The ERD should include all the major components of the business model, with each entity having appropriate attributes and primary keys. Additionally, many-to-many relationships should be resolved using linking tables, lookup tables should be used for attributes with a set list of values, and foreign keys should be defined correctly.